It's been quite a summer of political unrest around the world. There has been a shuffle of political leaders in the British government amid the ongoing Brexit saga. Tensions between Japan and South Korea have intensified as anti-government protests in Hong Kong rock the region. And the U.S. government has placed tariffs on a myriad of foreign goods, deepening the trade war and impacting economies throughout the globe.
Lake Effect foreign policy contributor, Art Cyr, says these tariffs aren't likely to help us in the long run.
"The conventional wisdom, and it’s right, is that protectionism is self-defeating. That didn’t used to be the case. Historically, a lot of economists as well as business people were committed to protectionism. But it just doesn’t work and can be quite counterproductive," he explains.